karachi

The Karachi stock market continued its rally on Tuesday, with the benchmark KSE 100-share index posting a fresh gain of 303.61 points or 0.96 per cent to close the day at 32006.40 points as compared to 31702.79 points of a day earlier.

Upcoming corporate results and foreign inflows further support the bull-run at the local bourse while the buyers showed further interest in local bourse after SBP discount rate reduction, said Syed Faran Rizvi, Manger Equity Sales at JS Securities.   

He expressed grievances over the suspension of KASB Securities which deals with Bank of America Merrill Lynch as per rule of the SECP and said it is not a good sign for the investor and local bourse.

KSE-allshare grew by 123.12 points or 0.53 per cent to stop the day at 23457.87 points, KSE-30 gained 217.53 points or 1.05 per cent to end the day at 20997.18 points while KMI-30 gained 788.55 points or 1.56 percent to conclude the session at 51465.84 points.  Trading took place in 393 companies where 177 closed in green and 193 in negative while the values of 23 stocks remained intact. Highest decreased was reflected in the price of Rafhan Maize, down by Rs 320.01 to Rs 10380, followed by Nestle Pak.XD, off by Rs 175 to Rs 8625. Exide (PAK) and Murree Brewery XD were the top price gainers of the day, up by Rs 95.82 to Rs 2092.56 and Rs 55.12 to Rs 1157.62.  

A dealer said cement stocks rallied amid unconfirmed news of increase in cement prices while pharmaceuticals rallied in hope of change in drug pricing formula. The day turnover of market was 312.061 million shares after opening at 276.768 million shares and the value of traded shares climbed to Rs 18.919 billion from Rs 15.739 billion. The capitalization of the market maintained at Rs 7.387 trillion as compared to Rs 7.325 trillion of a day earlier. Active list was topped by JS Co with 25.864 million shares, off by Rs 0.41 to Rs 14.59. Dera Ghazi Khan Cement XD was on the second position with 22.670 million shares as it closed at Rs 92.12 after opening at Rs 88.47. It was followed by Maple Leaf Cement with 19.282 million shares, up by Re 0.43 to Rs 34.52, Pak Int.Bulk with 14.124 million shares, grew by Re 0.64 to Rs 25.04, and Pak Elektron with 12.253 million shares, shed Re 0.33 to Rs 30.42.